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In line with my view on China, data released overnight shows the Chinese economy is crashing.
The rate of decline of industrial profits accelerated in July, data released overnight showed. Industrial profits increased 28% in the first seven months of 2011. In the first six months of 2012, profits declined 2.2%, and in the first seven, they are down 2.7%, data from the National Bureau of Statistics showed.
The Shanghai composite index has fallen to a three year low.
Expect the central bank to start firing up the money printing presses soon.